THE BUDGET AT A GLANCE

Dominion, Volume 19, Issue 253, 9 July 1926, Page 9

THE BUDGET AT A GLANCE

RESULTS AND PROPOSALS A SUMMARISED VERSION Accompanying the Budget presented to the House of Representatives last night by the Minister of Finance (Hon. W. Downie Stewart) was a summary of the operations during the, year and an outline of the estimates and proposals for 1926-27, The particulars were as under: — / RESULTS, 1925-26. Consolidated Fund — Ordinary Revenue Account—- £ Revenue 24,725, <62 Expenditure 23,570,083 Surplus, 1925-26 ... £1,155,679 £ Balance forward at March, 31, 1936 4,428,692 Transferred from accumulated surpluses to— Public Works Fund aOO.OOO Working Railways Account 473,392 Loans Redemption Account «4,000 No revenue Treasury bills outstanding. Establishment of Working Railways Account. Repayment of the Public Debt Act passed. Establishment of Public Debt Redemption Fund. Customs and excise—- £ Revenue to Consolidated Fund 9,013,435 Increase over 1921-25 <93,662 Imports for financial year ••• 53,025,856 Exports for financial year ... 48,697,587 Total trade 101,723,413 Excess of imports over exports — ... 4,328,269 Inland revenue— Land-tax 1,266,659 Income-tax 3,368,516 Stamp and death duties 3,350,868 Post and Telegraph— Receipts ... 3,077,735 Expenditure ... 2,406,791 Excess of receipts 670,944 Post Office Savings-bank-Number of depositors, 758,188. Amount of credit 46,179,744 Reparation-moneys received from Germany 186,227 Payments on account of pensions 2,180,155 Capital expenditure on Public Works 7,180,479 Capital reductions following on revaluations under Discharged Soldiers Settlement Acts 2,545,238 Closing of New Zealand Consols Account. * Settlement of transactions relating to the N.Z Expeditionary Forces and the Australian Forces in Egypt. Interest for the year on the £2,000,000 Reserve Fund in London 90,550 Public debt— Gross debt at March 31, 1926 238,855,478 Subdivided— Ordinary ... 125,902,741 War " 75,333,648 State advances 27,771,153 D’sc’g’d soldiers’ s’tlem’nt 9,757,936 £238,855,478 New loans raised during year 13,374,539 Loans paid off during year 2,333,708 Net increase on gross debt 11,040,831 Net annual charge at Marell 31, 1926 9,454,887 Assets held against debt increased by 13,875,734 Allocation of miscellaneous debt. Capital of public debt redemption fund 24,725,645 54 pe' cent, loan for State Advances and oth’r purposes— Rec’ts to M’ch 31, 1926 4,883,705 Total amount funded Sept. 6, 1922 ... 27,532,164 Less paid off 1,275,142 • Outst’d’g M’ch 31, 1926 £26,257,022 Nom’l. value securities redeemed by Public Dept Commission 889,733 State Advances Office— Capital increased by 6,371,375 T’l Capital M’ch. 31, 1926 33,148,274 Total current advances 30,296,837 ESTIMATES AND PROPOSALS, 1926-27. Consolidated Fund— Ordinary Revenue Account—- £ Estimated revenue 24,266,200 Estimated expenditure... 23,986,616 Available for supplementary estimates £279,584 £ Estimated Customs and excise revenue 8,280,000 Estimated stamp and death duties 3,189,250 Estimated land and income tax 4,500,000 5 per cent. London Loan for Public Works issued at £9B 10s. (over-subscrib-ed) 6,000,000 Transfer to Public Works Fund up to 1,000,000 OTHER POINTS OF INTEREST. Other points of interest are:— Increased provision for naval defence. Further facilities for temporary investment of surplus cash balances. Report of Royal Commission on rural credits. Consideration of legislation relative to long-term mortgage scheme. Assistance to large families. Continued application of surplus revenue to reduction of war debts. Position of certain secondary industries under investigation.